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Henderson Smaller Cos Investment Trust PLC on Wednesday reported a higher net asset value in its first half and kept its interim dividend unchanged. The London-based investor in smaller UK-quoted companies said NAV per share rose 0.5% to 951.6 pence at November 30 from 947.1p a year earlier, and is up 2.7% from 926.2p at May 31. NAV total return with income reinvested was 5.0% in the six months to November 30, better than minus 3.8% a year prior, though this trailed the 7.4% return of its benchmark, the Deutsche Numis Smaller Companies Index excluding investment companies. Henderson Smaller maintained its interim dividend at 7.5p per share. Net assets stood at £566.9 million at November 30, down 19% from £703.3 million a year prior and 11% lower than £634.3 million at May 31. The company said its top contributors in the six months to November 30 were London-based international infrastructure construction firm Balfour Beatty PLC and London-based provider of retirement income products Just Group PLC, with a respective 6-month return of 42% and 44%. Henderson Smaller said that the top detractors involved not holding interest in Stoke-on-Trent, Staffordshire-based mechanical and refractory engineering firm Goodwin PLC and Ecuador-focused gold and copper mining firm SolGold PLC, up 197% and 318% respectively in the six months to November 30. Chair Penny Freer said: ‘While we must acknowledge that the recent UK budget was a missed opportunity for the government to advance its growth agenda, it has however brought much needed clarity for all stakeholders. UK consumers continue to see real wage increases, corporates are benefitting from falling (but still restrictive) interest rates and both groups are sitting on strong balance sheets. Confidence is the catalyst needed to drive investment, hiring and spending decisions, and we are hopeful that this rebuilds in the wake of the budget.’ She added: ‘While much market commentary is focused on US asset bubbles, we are reminded of the compelling opportunities UK smaller companies offer, bringing diversification and growth potential to portfolios. We believe UK smaller companies continue to deliver exciting growth opportunities to long-term investors, and remain confident in the ability of our fund managers to draw on their consistent and disciplined investment approach to generate significant long-term value.’ Henderson Smaller shares were 0.3% lower at 926.60 pence each on Wednesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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